Shell sells its wild assets in Egypt
“Shell Egypt” announced that it had signed an agreement to sell its onshore assets in the Western Desert of Egypt.
The company stated that the total amount is about 926 million dollars.
The company clarified in a statement that the payment of the value of the deal will be made with an initial payment of $ 646 million.
With payments that could reach 280 million dollars between 2021 and 2024, "depending on the price of oil and the results of the exploration."
Shell’s onshore assets in Egypt include 13 concessions, and its stake in Badr El Din Petroleum Company.
It is worth noting that "Shell" has been operating in Egypt since 1911.
Its activity includes oil exploration and production, gas and petroleum products marketing and distribution.
